Section 520-B. Secured credit cards

1. If an issuer or any other person
  uses a 900 telephone number to solicit or market a secured  credit  card
  to  an  individual  residing  in  this state, or otherwise advertises or
  promotes the availability of a secured credit card through use of a  900
  telephone  number to an individual residing in this state, the issuer or
  other person must disclose all  of  the  following  terms  that  may  be
  applicable:
    (a)  either  the flat fee charged for the call or the cost of the call
  per minute and the anticipated number of minutes for such call;
    (b) the  fact  that  the  fee  described  in  paragraph  (a)  of  this
  subdivision is refundable in its entirety, at the consumer's request, if
  for whatever reason the consumer does not get a secured credit card; and
    (c)  the  fact  that no fees may be imposed or collected, other than a
  refundable fee for a 900 telephone number, until the consumer has  asked
  the  issuer  to  open a credit card account and the issuer has agreed to
  open such an account under the terms and conditions of the offer.
    2. The disclosures required by subdivision one of this  section  shall
  be  provided  before  the  900  telephone  number  call is placed by the
  consumer. Such disclosures shall be provided clearly and conspicuously.
    3. An issuer of a secured credit card shall, either prior to or at the
  time of issuance, disclose the minimum amount of money the consumer must
  keep on deposit to qualify for such a card, the interest  that  will  be
  paid  on  said  deposit,  and the amount of credit that will be extended
  either in absolute terms or expressed as a percentage of such deposit.
    4. In connection with any application or solicitation  for  a  secured
  credit  card, no person shall impose any fee or charge as an application
  fee, set-up fee, credit review fee, search fee, or any other fee by  any
  other  name prior to, contemporaneous with, or incidental to the opening
  of such a secured credit card agreement. Provided, however, that nothing
  contained herein shall prohibit  an  issuer  from  contracting  for  and
  imposing  any  fees  and  charges  authorized  by  section  four hundred
  thirteen of the personal property law and provided further that  nothing
  contained herein shall prohibit solicitation for such a card by use of a
  900 telephone number pursuant to the provisions of this section.